What happens with Password New game?

Top Voted Answer

The above is incorrect, a password only gives you either the Town Medal (for completing Etrian Odyssey) or the Town Crown (for completing Etrian Odyssey with a full Monstrous Codex and Item Compendium). You can't get the two, just one. Also, their effects aren't as high as they were in the first game (if they were so good, the game would be way easier since the beginning).

The name of your guild is also carried to Etrian Odyssey II, but you can change it. I've heard the password contains data of your old characters and their equipment, but you CAN'T use it.

Also, there some minor events in the Labyrinth (most are just nods to events in the first game), and the people around Lagaard recognises your guild for their work at Etria when you start the game.

In a nutshell, there aren't a lot of changes and you don't get anything actually good. Some things are even harder, considering that at the start of the game, the guard doesn't give you those free Medicas when you're mapping the 1st floor.